Le Château to Postpone Annual Reporting Due to Delays Caused by COVID-19

MONTRÉAL, May 22, 2020 (GLOBE NEWSWIRE) — Le Château Inc. (the “Company”) (TSX VENTURE: CTU) today announced that due to logistics and delays caused by the COVID-19 virus, it is relying on the exemption provided by Decision No 2020-PDG-0023 of the Autorité des marchés financiers (the “Decision”) and equivalent exemptions provided by the Ontario Securities Commission, the Manitoba Securities Commission, the Saskatchewan Securities Commission, the Alberta Securities Commission and the British Columbia Securities Commission to postpone the filing of the following continuous disclosure documents (collectively, the “Annual Documents”):the Company’s annual audited consolidated financial statements for the year ended January 25, 2020 as required by section 4.2 of National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”);the Company’s annual management report (MD&A) for the year ended January 25, 2020 as required by subsection 5.1(2) of NI 51-102; andthe related CEO and CFO certificates for the year ended January 25, 2020 as required by section 4.1 of National Instrument 52‑109 – Certification of Disclosure in Issuers’ Annual and Interim Filings.Pursuant to the Decision, during the period from March 23, 2020 to June 1, 2020, a company required to make certain filings as described in the Decision has an additional 45 days from the deadline otherwise applicable under Quebec securities laws to make the filing. The Company is continuing to work diligently and expeditiously to file the Annual Documents and expects to have them filed by the deadline of July 6, 2020. As required by the Decision, the Company will provide an update via press release no later than June 19, 2020.Until the Company has filed the Annual Documents, members of the Company’s management and other insiders are subject to an insider trading black-out policy that reflects the principles in section 9 of National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.The Company confirms that since the filing of its interim financial report for the nine months ended October 26, 2019, there have been no material business developments other than those that have been publicly disclosed as required under applicable securities laws and except for the potential impact of the COVID-19 pandemic. While it is still too early to assess the impact of the current pandemic, the Company is actively monitoring the business environment in each of the markets in which it operates.ProfileLe Château is a Canadian specialty retailer and manufacturer of exclusively designed apparel, footwear and accessories for contemporary and style-conscious women and men, with an extensive network of 126 prime locations across Canada and an e-com platform servicing Canada and the U.S. Le Château, committed to research, design and product development, manufactures approximately 30% of the Company’s apparel in its own Canadian production facilities.Resource News, Oil and Gas News, Mining News, Renewable News